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Thread: Credit cards and such:Paying extra for Security.

  1. #1
    Name Retired.
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    Credit cards and such:Paying extra for Security.

    Hello all,

    Okay, here is my first serious business question. It seems like every business transaction and/or service you buy into these days is trying to get you to buy into some sort of extra guaranteed security beyond what you should be able to expect when you do business with them in the first place. I get calls frequently trying to sell me on buying more credit protection. When I do end up speaking to these people with these offerings I ask the one question. Is your company doing all it can to protect me from fraud and/or having my ID stolen. When they answer the inevitable..."yes"...I say, "then if you are doing your job I don't need to pay for more security do I...thank you."

    I have seen and read information saying all this extra security is just salemanship; that you really don't need this extra "stuff". So my question is: is this just basically a scam for greater profits, and if it isn't then why are credit card companies and the like doing less than they ought to when you sign up for their service from the start?

    Questioning,

    Korbel
    Last edited by korbel; 04-08-2008 at 02:43 PM.
    Korbie: of the Boston Red Sox Nation...the NBA Champion Boston Celtics Pride...and...the New England Patriots Dynasty!

  2. #2
    I am me, too!
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    Credit or debit card, in Quebec your responsibility is limited to $50, as long as you notify the financial institution as soon as you notice something fishy or loose your card.

    Sooo... the extras they try selling is only a way to make more money, you're right!

  3. #3
    Quote Originally Posted by metoo4
    Credit or debit card, in Quebec your responsibility is limited to $50, as long as you notify the financial institution as soon as you notice something fishy or loose your card.

    Sooo... the extras they try selling is only a way to make more money, you're right!
    Someone told me that the "QuickPass" cards offered by gas stations among other stores are not governed by the same rules. I'm not sure if this is true or not.

  4. #4

    Smile Jurisdiction

    Quote Originally Posted by jimace
    Someone told me that the "QuickPass" cards offered by gas stations among other stores are not governed by the same rules. I'm not sure if this is true or not.
    The various question raised to date vary from country to country, with provincial and state nuances thrown in.

    Basically you should find out from the company issuing the credit card or company card. Reading the user agreement would be the first step.
    Also find out from your local provincial or state consumer offices what the specific issues and limits are in your local jurisdiction.
    LISA'S FRIEND

  5. #5
    Quote Originally Posted by metoo4
    Credit or debit card, in Quebec your responsibility is limited to $50,

    True for credit cards, not for debit cards. Responsibility can be unlimited for debit cards. In Quebec, it is therefore foolish to use debit cards instead of credit cards unless you have a very very good reason.

    More info:
    Most Canadians unaware of debit card liability

  6. #6
    I am me, too!
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    Kepler:
    The code says cardholders are deemed to have disclosed their PIN number voluntarily - and are thus liable for losses - if they select a PIN from their name, telephone number, date of birth, address or social insurance number.

    In a survey of 1,600 Canadian debit card holders conducted by Environics, fewer than one in four knew their financial institution would not reimburse them for debit card fraud if they used easily identifiable PINs.
    For the bank, proving the NIP was easily identifiable is nearly impossible, because they don't know what your NIP is! And even then, they would need to prove negligence, another almost impossible thing unless they get the card with the NIP written on it.
    My GF got stuck in a debit card scam and she wasn't responsible for anything, not even $50.

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